Toronto MaRS Centre Phase 2 | 112.77m | 20s | Alexandria | B+H

What are the odds the province would buy out Alexandria and top up the financing itself as part of a stimulus package? This is certainly a piece of strategic infrastructure (in addition to being right across from Queen's Park!) and wasn't the province planning on taking on some of the space in the building anyway?
 
aamatt, that's a good question, and it's a scenario that I wouldn't necessarily rule out. It depends on what kind of decisions are made at the highest levels. I've love nothing more than to see a major stilumus package, hopefully with some federal dollars as well, and if that happens this project would be an obvious candidate. Not sure how the fact that it is essentially a private developer would play out though.
 
I don't think it's so much an issue with funding as lack of tenants? From yesterday's article, it seems like the place would only be half full if it's built. So its better not to build if there's not enough occupants. If they do manage to find people to fill up all the spaces then they can resume again. But if there's a recession coming up, it might be unlikely for awhile.
 
This will be built, and not in a new form.

All the buildings cited above were just plans ... the only one that actually got underway was the BA center.

Considering this building is in a rather niche sector I don't think we'll see the plan vary to much once it completes.

It's just a matter of finding enough tenants and possibly more funding if financing is also an issue.
 
I also am beginning to think it won't be that long of a wait for it to start back up, and it will be built as originally designed.
 
If Alexandria finds the right tenants between now and the start of reconstruction, they could very well change the design and/or the height of the building. They probably wouldn't meet too much resistance from city hall if they wanted to make the building larger.
 
I think that this might be shaping up as potentially a good fit for UofT's endowment fund.
 
^ Well, seriously, that's a possibility. U of T keeps complaining that they are short of space. Rather than starting a new building from scratch, it may make some sense for them to take a partnership interest in this structure, which would allow it to go ahead and be built (possibly with some design changes). The university would end up with a certain amount of the space. This would of course require a funding decision from Queen's Park.
 
As of today

picture.php

Looks like the forms are coming down.
 
At stake here is a lot more than the construction of a building. The MARS project was meant to foster the development of a major knowledge based industry for Toronto (Life-Sciences) - I believe that the Province could AND should SAVE this project by stepping in and signing a lease for the space not already leased. When the building is completed in 2-3 years the Province can then sublet the space to the small start-up Biotech companies which are the target tenants of this Life Sciences “incubatorâ€. In the event that demand for office space from small Biotech’s does not exist at time of completion the space could alternatively occupied by Provincial agencies until such time that demand materializes.
 
Please government ... do this ... do that ... seems to be the common reaction to everything now a days.

Realize that the government does mean US, and we're not doing so well right now.

If it's going to sit half empty it won't make a difference whether they go ahead and complete the project or not. I'm sure whomever is attempting to lease the units now can do a way better job then the government could. If
the government needed office space they would have leased it already!

Now let me be clear on something ... if financing is the only issue, the government could very well step in, in that case. Provide them a lone as many of the banks and supposedly the auto sector have received and will receive.
But that's not the case here, there's just not enough demand at the current moment for this project.

You could argue that the government should be kick starting projects to help spur local job creation. That's true but they would be far better off investing in transit. Something which has a tangible benefit for us. Helping this project won't as it's going to sit empty either way.

Sorry to go on a rant here but say the government did want to step in for whatever reason. They'd be better off funding the small bio/chemical companies themselves that are lacking the funds now rather then helping the developer complete the project.
 
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Exactly. R&D is exactly where government funding needs to be focused, not supporting economically unviable projects like this (and the unsustainable auto industry). Biotech R&D is something Harper should be putting money towards. And while we're at it, alternative energy sources -- an area where we're also being left in the dust because federal spending is focused too much on futile extraction of Alberta oil sands.
 
I'd have no qualms if my supervisor picked our lab up and moved it from its current, cockroach-infested home on campus to a spanking new MaRS complex. Then again, we already have a recently-completed adjoining building boasting state-of-the-art research infrastructure that sits largely unused.
 
Today's NRU, quoting Dale Martin, real estate rep for MaRS:

"The building is under construction, the two service
shafts are about two storeys up,†he told NRU.
“The plan is to delay the ongoing construction of the above-ground portion until we introduce some steps to mitigate the existing economic conditions, which are difficult, or those conditions improve.â€
Click to expand...

And also this:
Martin said Alexandria has decided to bring more resources to the table; they have engaged a broker and could have the cash flow to rev up construction very soon. “I’m optimistic we’ll get it going reasonably quickly,†he said.
The firm managing construction, PCL Construction, has been ahead of schedule, so Martin is hopeful the stop will not affect the projected occupancy date of late 2010.
Click to expand...
 
Province urged to aid builders

John Spears, Toronto Star
Nov 21, 2008

The Ontario government should backstop financing for big developments in Toronto if it's threatened by the economic downturn, says Councillor Kyle Rae.

Rae, who heads the city's economic development committee, says he's asked Mayor David Miller's office to set up a meeting with provincial officials and the big banks "to talk about how the province could be guaranteeing some of the loans that are required for construction."

Rae said he's worried because "I'm now watching some of the development in my ward being put on hold." That includes Phase II of the MaRS Discovery District, a 20-storey tower at University Ave. and College St. designed to house high-tech start-up companies. Construction is being suspended until economic conditions improve.

Rae (Ward 27, Toronto Centre-Rosedale) says he's worried other planned or just-begun developments could be derailed because they can't get financing.

A construction slowdown would hit Toronto hard, he said.

"The construction industry in this city, that generates housing in this city, in my opinion for the city of Toronto is more important than the automobile industry," he said.

http://www.thestar.com/article/540825
 
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